Cork oil field exceeds expectations25/07/2012 - 08:01:58
Experts have said an oil field off the Cork coast contains four-times as much oil as previously thought.
Providence Resources estimates their Barryroe well is home to more than 1.6 billion barrels.
It has far exceeded expectations of previous estimates released just a few months ago.
Newstalk Business Editor Ian Guider said it is very promising for the company.
Mr Guider said: "They have been doing further testing there and looking at some data on the field and this morning they are saying they have found a four-fold increase in the potential amount of oil they could recover from this field.
"The average North Sea gas field would be about that size and they were found over 30 years ago.
"That gives you an indication of how big this field could be."
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